Fjordbank Mors has collapsed and will be taken over by Finansiel Stabilitet, a state company responsible for managing failed banks, Financial Times reports. About 450 of its 73,000 customers will not be fully covered under the $140,000 guarantee by Danish deposit insurance rules.

The bank had total liabilities of about $2.2 billion. Danish financial services company Nykredit is estimated to face losses of around $19.1 million on loans given to Fjordbank Mors, adds The Wall Street Journal.

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